New Delhi: The Government has prepared the University Grants Commission (UGC) (Establishment and Operation of Campuses of Foreign Educational Institutions) Rules, 2013. Under the proposed Rules, Foreign Educational Institutions (FEIs) can set up campuses in India once the FEIs have been notified as Foreign Education Provider (FEPs) by the UGC, subject to fulfillment of certain eligibility conditions.
The Rules would ensure that only high quality foreign educational institutions are permitted to set up campuses and offer education services in the country, since only the top 400 institutions as per global rankings would be eligible to open campuses in the country. Existence of high quality FEIs would contribute to enhancing existing capacity of higher education system; arresting the brain drain and drain of resources from the country; availability of education and research facilities of international standards; quality gains in Indian higher educational institutions through collaborations and partnerships etc. This would also facilitate higher investments in the higher education system including Foreign Direct Investment (FDI) in the higher education system. Indian students would be benefitted with the entry and operation of FEP through access to globally renowned and quality academic institutions in Indian higher education sector at relatively lower costs. These FEPs would also add to the existing capacity in higher education in India.
The Ministry had sought comments and observations of the Department of Industrial Policy and Promotion (DIPP) and the Department of Economic Affairs (DEA) on the Rules. Both DIPP and DEA have supported the proposal.
The HRD Minister, Dr. M.M. Pallam Raju gave this information in a written reply in Lok Sabha today.
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IVFA invests Rs 150 crore in Trivitron Healthcare
New Delhi: Trivitron Healthcare has joined hands with India Value Fund Advisors (IVFA) to finance its next phase of growth. IVFA has invested Rs 150 crore for a minority stake in the company. IVFA joins existing investors Fidelity Growth Partners India and Fidelity Biosciences (USA) who had invested in the company a year ago.
Trivitron Healthcare was started in 1997 as a distributor of medical equipment and devices with focus in imaging, diagnostics and critical care & operating theatre segments.
Driven by its customer relationships and understanding of their need for affordable medical equipment, the company has pro-actively focused itself on building its own portfolio of innovative and affordable products customized for the Indian and emerging markets of the world.
Since 2008, the company has transformed itself through a combination of joint ventures, acquisitions and greenfield manufacturing efforts to become a multi-modality medical technology company supplying and supporting a diverse portfolio of its own manufactured cost effective medical equipment and products, in addition to premium high end products from its global medical equipment partners, a statement says.
Vishal Nevatia, managing partner IVFA said "We have been closely following the medical equipment industry in India and are very excited about this partnership. This deal showcases the IVFA investment philosophy of working with entrepreneurs and management teams looking to build high quality, globally competitive companies that are admired by all stakeholders".
GSK Velu, managing director Trivitron said, "We are extremely happy to bring on board India Value Fund as our growth partners along with Fidelity. With Fidelity's knowledge and expertise in the US/China/ India Medtech industry and IVFA's Indian healthcare sector expertise, experience and operating knowledge, Trivitron is well poised to become a top medical technology brand of global repute".
Trivitron Healthcare was started in 1997 as a distributor of medical equipment and devices with focus in imaging, diagnostics and critical care & operating theatre segments.
Driven by its customer relationships and understanding of their need for affordable medical equipment, the company has pro-actively focused itself on building its own portfolio of innovative and affordable products customized for the Indian and emerging markets of the world.
Since 2008, the company has transformed itself through a combination of joint ventures, acquisitions and greenfield manufacturing efforts to become a multi-modality medical technology company supplying and supporting a diverse portfolio of its own manufactured cost effective medical equipment and products, in addition to premium high end products from its global medical equipment partners, a statement says.
Vishal Nevatia, managing partner IVFA said "We have been closely following the medical equipment industry in India and are very excited about this partnership. This deal showcases the IVFA investment philosophy of working with entrepreneurs and management teams looking to build high quality, globally competitive companies that are admired by all stakeholders".
GSK Velu, managing director Trivitron said, "We are extremely happy to bring on board India Value Fund as our growth partners along with Fidelity. With Fidelity's knowledge and expertise in the US/China/ India Medtech industry and IVFA's Indian healthcare sector expertise, experience and operating knowledge, Trivitron is well poised to become a top medical technology brand of global repute".
L&T Shipbuilding gets Rs 943-cr order from Qatar firm
New Delhi: L&T Shipbuilding, a subsidiary of Larsen & Toubro, has bagged orders valued at $154 million (about Rs 950 crore) for six specialised commercial vessels.
The orders, from Halul Offshore Services Company, Qatar, are for design, construction and commissioning of four platform supply vessels (PSVs) and two anchor handling towing, supply and standby vessels (AHTSSVs).
L&T said the PSVs are designed for carrying hazardous cargo such as methanol. The PSVs are to be delivered in the first quarter of 2015 and AHTSSVs in the last quarter of 2015.
Last year, L&T got orders from Halul Offshore Services for two PSVs and two AHTSSVs.
The orders, from Halul Offshore Services Company, Qatar, are for design, construction and commissioning of four platform supply vessels (PSVs) and two anchor handling towing, supply and standby vessels (AHTSSVs).
L&T said the PSVs are designed for carrying hazardous cargo such as methanol. The PSVs are to be delivered in the first quarter of 2015 and AHTSSVs in the last quarter of 2015.
Last year, L&T got orders from Halul Offshore Services for two PSVs and two AHTSSVs.
GVK gets Australian Govt nod for Abbot Point dredging project
Hyderabad: GVK Power & Infrastructure Ltd has received the Australian Federal Government’s approval for its Abbot Point Port capital dredging project.
This approval is a significant step towards the development of GVK’s Hancock Terminal 3 port facilities and Galilee basin coal assets, including the Alpha, Alpha West and Kevin’s Corner coal projects, along with the construction of a rail network to the Abbot Point port in Queensland, Australia.
The company had already got clearances for the Alpha coal mine and the rail link. With the latest government approval, GVK is now in a position to take the project forward and open up the Galilee basin for the coal project.
The Adani Group, which is developing the Carmichael Coal Mine in Queensland, has also got government nod for carrying out dredging work at the Abbot Point port.
“We welcome this Federal Ministerial approval which will help protect the environment whilst creating jobs and economic investment in the State and the region,” said G.V.K. Reddy, Chairman of GVK Power. According to the company, this approval enables the mining of billions of tonnes of high quality, low sulphur, low ash and cleaner burning coal for consumption in the Indian and Asian markets.
GVK had acquired coal mines in Queensland for $1.26 billion (Rs 7,690 crore today) and plans to invest up to $10 billion in the mine-cum-rail infrastructure projects in Australia.
This is expected to be one of the largest integrated coal mining operations when completed. These mines are estimated to be hosting over 8 billion tonnes of coal reserves.
This approval is a significant step towards the development of GVK’s Hancock Terminal 3 port facilities and Galilee basin coal assets, including the Alpha, Alpha West and Kevin’s Corner coal projects, along with the construction of a rail network to the Abbot Point port in Queensland, Australia.
The company had already got clearances for the Alpha coal mine and the rail link. With the latest government approval, GVK is now in a position to take the project forward and open up the Galilee basin for the coal project.
The Adani Group, which is developing the Carmichael Coal Mine in Queensland, has also got government nod for carrying out dredging work at the Abbot Point port.
“We welcome this Federal Ministerial approval which will help protect the environment whilst creating jobs and economic investment in the State and the region,” said G.V.K. Reddy, Chairman of GVK Power. According to the company, this approval enables the mining of billions of tonnes of high quality, low sulphur, low ash and cleaner burning coal for consumption in the Indian and Asian markets.
GVK had acquired coal mines in Queensland for $1.26 billion (Rs 7,690 crore today) and plans to invest up to $10 billion in the mine-cum-rail infrastructure projects in Australia.
This is expected to be one of the largest integrated coal mining operations when completed. These mines are estimated to be hosting over 8 billion tonnes of coal reserves.
Foreign exchange earnings from tourism increases by 7.26 per cent in November 2013
New Delhi: Foreign Exchange Earnings (FEEs) from tourism in Rupees terms in November, 2013 increased by 7.26% to Rs.10,429 crore as compared to Rs.9723 crore in November, 2012. Foreign Tourist Arrivals (FTAs) in November, 2013 was 7.18 lakh as against 7.01 lakh in November 2012 showing a growth of 1.41%.
The following are some of the important highlights regarding FTAs and FEEs from tourism during the month of November, 2013:
Foreign Exchange Earnings (FEEs) from Tourism in rupee terms and US$ terms
FEEs during the month of November 2013 were Rs.10,429 crore as compared to Rs.9,723 crore in November 2012 and Rs.7,941 crore in November 2011.
The growth rate in FEEs in rupee terms in November 2013 over November 2012 was 7.3% as compared to 22.4% in November 2012 over November 2011.
FEEs from tourism in rupee terms during January to November 2013 were Rs.94,156 crore with a growth of 12.2%, as compared to the FEEs of Rs.83,938 crore with a growth of 22.1% during January to November 2012 over the corresponding period of 2011.
FEEs in US$ terms during the month of November 2013 were US$ 1.665 billion as compared to FEEs of US$ 1.776 billion during the month of November 2012 and US$ 1.566 billion in November 2011.
The growth rate in FEEs in US$ terms in November 2013 over November 2012 was a negative growth of 6.3% as compared to the growth of 13.4% in November 2012 over November 2011.
FEE from tourism in terms of US$ during January to November 2013 were US$ 16.247 billion with a growth of 2.8%, as compared to US$ 15.806 billion with a growth of 6.3% during January-November 2012 over the corresponding period of 2011.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of November 2013 were 7.18 lakh as compared to FTAs of 7.01 lakh during the month of November 2012 and 6.70 lakh in November 2011
There has been a growth of 2.4% in November 2013 over November 2012 as compared to a growth of 4.7% registered in November 2012 over November 2011.
FTAs during the period January to November 2013 were 60.48 lakh with a growth of 3.8%, as compared to FTAs of 58.25 lakh with a growth of 4.5% during January to November 2012 over the corresponding period of 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of the FTAs data at major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India.
The following are some of the important highlights regarding FTAs and FEEs from tourism during the month of November, 2013:
Foreign Exchange Earnings (FEEs) from Tourism in rupee terms and US$ terms
FEEs during the month of November 2013 were Rs.10,429 crore as compared to Rs.9,723 crore in November 2012 and Rs.7,941 crore in November 2011.
The growth rate in FEEs in rupee terms in November 2013 over November 2012 was 7.3% as compared to 22.4% in November 2012 over November 2011.
FEEs from tourism in rupee terms during January to November 2013 were Rs.94,156 crore with a growth of 12.2%, as compared to the FEEs of Rs.83,938 crore with a growth of 22.1% during January to November 2012 over the corresponding period of 2011.
FEEs in US$ terms during the month of November 2013 were US$ 1.665 billion as compared to FEEs of US$ 1.776 billion during the month of November 2012 and US$ 1.566 billion in November 2011.
The growth rate in FEEs in US$ terms in November 2013 over November 2012 was a negative growth of 6.3% as compared to the growth of 13.4% in November 2012 over November 2011.
FEE from tourism in terms of US$ during January to November 2013 were US$ 16.247 billion with a growth of 2.8%, as compared to US$ 15.806 billion with a growth of 6.3% during January-November 2012 over the corresponding period of 2011.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of November 2013 were 7.18 lakh as compared to FTAs of 7.01 lakh during the month of November 2012 and 6.70 lakh in November 2011
There has been a growth of 2.4% in November 2013 over November 2012 as compared to a growth of 4.7% registered in November 2012 over November 2011.
FTAs during the period January to November 2013 were 60.48 lakh with a growth of 3.8%, as compared to FTAs of 58.25 lakh with a growth of 4.5% during January to November 2012 over the corresponding period of 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of the FTAs data at major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India.
ONGC Videsh signs MoU with Ecuador
New Delhi: ONGC Videsh Ltd (OVL), the overseas arm of state-run explorer Oil and Natural Gas Corp, has signed a memorandum of understanding with Ecuador for cooperation in identification and possible exploration of oil and gas.
According to the pact, the Coordinating Ministry for Strategic Sectors of Ecuador will make available information regarding oil and gas projects in Ecuador to OVL.
The explorer would then evaluate them to identify projects of its interest and could propose participation through specific definitive agreements.
OVL has been evaluating exploration and production opportunities in Ecuador for the last one year. Latin America is a focus area for the company. It already has a presence in Brazil, Venezuela and Colombia.
These countries contribute about 30 per cent of OVL’s total oil production.
Ecuador is an oil producing and exporting country and a member of the oil cartel Organization of the Petroleum Exporting Countries.It produces about 500,000 barrels of crude oil daily.
According to the pact, the Coordinating Ministry for Strategic Sectors of Ecuador will make available information regarding oil and gas projects in Ecuador to OVL.
The explorer would then evaluate them to identify projects of its interest and could propose participation through specific definitive agreements.
OVL has been evaluating exploration and production opportunities in Ecuador for the last one year. Latin America is a focus area for the company. It already has a presence in Brazil, Venezuela and Colombia.
These countries contribute about 30 per cent of OVL’s total oil production.
Ecuador is an oil producing and exporting country and a member of the oil cartel Organization of the Petroleum Exporting Countries.It produces about 500,000 barrels of crude oil daily.
Bharti Airtel to invest Rs 4,000 crore in Punjab
Company signs an agreement with govt of Punjab on Monday
New Delhi: After signing an agreement with the Punjab government of Monday, Bharti Airtel, country’s largest telecom operator in terms of subscriber base on Monday said it would invest more than Rs 4,000 crore in Punjab over the the period of five years.
The money would be invested to expand services and to contribute to the digital inclusion agenda of the state government, Bharti Airtel said in a statement. The company aims to take its fourth generation long-term evolution (4G LTE) services to all towns and villages across Punjab.
Bharti Airtel, which launched its mobile services in Punjab in 2002, currently has more than 7.2 million customers in the state. It has so far invested more than Rs 4,800 crore across 162 towns and 12,700 villages, covering about 94 per cent of the population in Punjab. It launched LTE services in Chandigarh in March 2013.
“Airtel has been at the forefront of Punjab’s telecom growth story and we are delighted to be a partner in the government of Punjab’s vision to build a digitally inclusive state. Just like the mobile phone connected millions across Punjab, this high speed data connectivity initiative will further empower people with information and services available at the touch of a screen,” said Sunil Bharti Mittal, chairman and group chief executive officer, Bharti Enterprises.
As part of the agreement, Bharti Airtel will lay an additional 10,000 km of optic fibre across Punjab and expand its 4G footprint to cover most of the state’s population over the next few years. This will also boost broadband services in rural areas and enable the delivery of services such as e-governance, e-education, e-health and much more.
Bharti Airtel will also invest in its existing 2G mobile operations, Wire-line & DSL Broadband, DTH services, M-Commerce Services in Punjab, it said in a statement. At present, the company’s distribution network is spread among 50,000 retailers in Punjab.
Besides telecom, Bharti Group’s retail venture Bharti Retail’s 70 easyday stores of the total 212 outlets nationally are located in Punjab.
New Delhi: After signing an agreement with the Punjab government of Monday, Bharti Airtel, country’s largest telecom operator in terms of subscriber base on Monday said it would invest more than Rs 4,000 crore in Punjab over the the period of five years.
The money would be invested to expand services and to contribute to the digital inclusion agenda of the state government, Bharti Airtel said in a statement. The company aims to take its fourth generation long-term evolution (4G LTE) services to all towns and villages across Punjab.
Bharti Airtel, which launched its mobile services in Punjab in 2002, currently has more than 7.2 million customers in the state. It has so far invested more than Rs 4,800 crore across 162 towns and 12,700 villages, covering about 94 per cent of the population in Punjab. It launched LTE services in Chandigarh in March 2013.
“Airtel has been at the forefront of Punjab’s telecom growth story and we are delighted to be a partner in the government of Punjab’s vision to build a digitally inclusive state. Just like the mobile phone connected millions across Punjab, this high speed data connectivity initiative will further empower people with information and services available at the touch of a screen,” said Sunil Bharti Mittal, chairman and group chief executive officer, Bharti Enterprises.
As part of the agreement, Bharti Airtel will lay an additional 10,000 km of optic fibre across Punjab and expand its 4G footprint to cover most of the state’s population over the next few years. This will also boost broadband services in rural areas and enable the delivery of services such as e-governance, e-education, e-health and much more.
Bharti Airtel will also invest in its existing 2G mobile operations, Wire-line & DSL Broadband, DTH services, M-Commerce Services in Punjab, it said in a statement. At present, the company’s distribution network is spread among 50,000 retailers in Punjab.
Besides telecom, Bharti Group’s retail venture Bharti Retail’s 70 easyday stores of the total 212 outlets nationally are located in Punjab.
Venus Remedies inks pact with Austell Lab for marketing antibacterial drug
Pune: Venus Remedies Limited has signed a memorandum of understanding with South African pharmaceutical firm Austell Laboratories to exclusively out license its flagship product Elores in South Africa.
The antibiotic adjuvant entity effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamise (MBl)-producing gram negative bacteria, the company said in a filing to the BSE.
Elores is likely to be launched in South Africa by mid 2015. There the overall systemic antibacterial market is worth $ 275 million and growing at a CAGR of 10.5%. The drug will cater to the needs of around 40% segment of this market.
Venus Remedies is projected to generate cumulative revenue of $ 20 million within five years of the launch of Elores in SouthAfrica. Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2%, is set to reach $ 44 billion by 2016.
The infections caused by multidrug-resistant bacteria which Elores is capable of fighting comprise 25% of this market, thus creating a tremendous opportunity for Venus Remedies, the company has said
The antibiotic adjuvant entity effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamise (MBl)-producing gram negative bacteria, the company said in a filing to the BSE.
Elores is likely to be launched in South Africa by mid 2015. There the overall systemic antibacterial market is worth $ 275 million and growing at a CAGR of 10.5%. The drug will cater to the needs of around 40% segment of this market.
Venus Remedies is projected to generate cumulative revenue of $ 20 million within five years of the launch of Elores in SouthAfrica. Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2%, is set to reach $ 44 billion by 2016.
The infections caused by multidrug-resistant bacteria which Elores is capable of fighting comprise 25% of this market, thus creating a tremendous opportunity for Venus Remedies, the company has said
Centre sets up National Institute of Solar Energy
Chennai: The Central Government has set up an autonomous institute -- the National Institute of Solar Energy (NISE) -- under the administrative control of the ministry of new and renewable energy (MNRE).
The NISE, which will function as the apex centre for research and technology development and related activities in the area of solar energy technologies in the country, has been established by converting the existing Solar Energy Centre in Gwal Pahari village, Gurgaon. It was registered under the Haryana Societies Registration Act on October 24.
Its affairs would be managed by a governing council to be headed by secretary of the MNRE and an executive committee headed by the director general, according to an official statement released on Monday.
The institute would assist the MNRE and perform various tasks under the Jawaharlal Nehru National Solar Mission (JNNSM), which targets deployment of 20,000MW of grid-connected solar power by 2022 in three phases. About 1685MW of solar power capacity had been installed during the phase I of the JNNSM against the target of 1100MW, the release said.
The NISE, which will function as the apex centre for research and technology development and related activities in the area of solar energy technologies in the country, has been established by converting the existing Solar Energy Centre in Gwal Pahari village, Gurgaon. It was registered under the Haryana Societies Registration Act on October 24.
Its affairs would be managed by a governing council to be headed by secretary of the MNRE and an executive committee headed by the director general, according to an official statement released on Monday.
The institute would assist the MNRE and perform various tasks under the Jawaharlal Nehru National Solar Mission (JNNSM), which targets deployment of 20,000MW of grid-connected solar power by 2022 in three phases. About 1685MW of solar power capacity had been installed during the phase I of the JNNSM against the target of 1100MW, the release said.
Cabinet okays move on spectrum pricing
New Delhi: The Cabinet has approved the Empowered Group of Minister’s decision on spectrum pricing.
The ministerial panel headed by Finance Minister P. Chidambaram had endorsed the Telecom Commission’s proposal to fix reserve price for the 1800 MHz and 900 MHz spectrum bands.
The decision by the Cabinet clears the decks for the Department of Telecommunications to come out with the Notice Inviting Application for the upcoming spectrum auction.
The Finance Ministry has set a target of Rs 40,000 crore from the sale of spectrum in January.
The ministerial panel headed by Finance Minister P. Chidambaram had endorsed the Telecom Commission’s proposal to fix reserve price for the 1800 MHz and 900 MHz spectrum bands.
The decision by the Cabinet clears the decks for the Department of Telecommunications to come out with the Notice Inviting Application for the upcoming spectrum auction.
The Finance Ministry has set a target of Rs 40,000 crore from the sale of spectrum in January.
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